Posts Tagged ‘Business Planning’


Anticipatory Customer Service In Action

7-02 training wheels smallWhat I call “anticipatory customer service” is the fastest, most direct way to create customer loyalty. The power of anticipatory customer service, of serving customer wishes that they haven’t even yet articulated, that they don’t even yet know they have, is this: While customer loyalty can be built through repeated iterations of merely satisfactory service, that’s a dangerous way to build a business. Every time someone has a satisfactory (but not extraordinary) experience at your property, it’s fine, and far preferable to that experience being unsatisfactory. But satisfactory service isn’t enough to draw you into a category where you’re not at the mercy of someone switching to get points from another brand, or because–when booking a return trip– they notice another hotel with a tripadvisor rating that’s .01 percent higher than yours in the same town and they’ve forgotten why (actually they haven’t been given a “why”) to return to you over checking out that other property. You’re in the dangerous, deadly realm of “who cares,” in other words.

What anticipatory customer service looks like

Tonya is a house attendant at The Inn At Palmetto Bluff, a strikingly picturesque inn-and-cottage institution nestled among ancient, Spanish moss-draped live oaks along the May River thirty minutes from Savannah.

What’s a house attendant? It’s the hospitality position that used to be called a “houseman”: part of the housekeeping team, with duties that include ensuring housekeepers are stocked with towels and waters, helping them to flip mattresses and the like, as well as helping with the cleaning itself. House Attendant is an essential position in hospitality, but one that is invisible to guests under normal circumstances and, like other housekeeping positions, at the low end of the hospitality org chart.

(Although intelligent hoteliers understand that housekeeping is the most essential department in a hotel—as Diana Oreck from The Ritz-Carlton Leadership Center pithily puts it, “if the housekeepers didn’t come to work tomorrow we’d have to shutter our hotels,”—housekeepers, due to low socioeconomic status and the challenge of meeting with/socializing with the rest of the hospitality staff when you’re in a position that is as mobile and labor intensive as housekeeping, can get the short end of the respect stick in many hotels.)

Tonya pulled up outside our rooms in her golf cart–a necessity on the sprawling Palmetto Bluff campus–bringing supplies such as bottled water, towels and sheets to the housekeepers working inside. On her way in she greeted us cheerfully. (The three of us–my young son and his youngish parents–were out front of the cottage getting my son seated on one of the bikes The Inn provides to guests.) A minute or two later, on her way back out, Tonya again looked our way, took in that we were still more or less in the same positions where she’d left us, having not made any progress down the road as my son teetered atop a bike he clearly wasn’t ready to handle.

After Tonya [whose last name I’ve redacted, by the way, at her manager’s request] took in the details of the scene in front of her, she announced, “Your boy needs a bike with wheels,” by which she meant “training wheels.” “I’ll be back in five minutes.”

When she returned (in four minutes) with the newly equipped bike, she also brought Angella, a manager from Palmetto Bluff’s recreation department, with her to ensure our son was properly fitted and instructed in how to get off to a successful start with the new training wheel-equipped bike. (Tonya also brought a helmet, which showed further mind reading on her part, as we’re the kind of parents who would make our kids wear helmets even in the back seat of the car if we could.)

Her observation and anticipatory action that morning transformed the rest of our stay at Palmetto Bluff. Our son, on his now-appropriately equipped bicycle (more a quadricycle, I suppose), could range all over the gorgeous trails of Palmetto Bluff from that point forward. It was, if not life-changing, at least vacation-changing.

What Tonya did wasn’t just making an extra effort. It was making the right extra effort. Contrast how appropriate and on-point she was compared to the restaurant that messes up your check and then tries to give you a free dessert in compensation–the last thing you have time for at that point, after the 8 minutes it took to get your bill adjusted. Or the young lady at the Panera register who I just saw offer a roll “for just an additional 25 cents” to the gentleman who had just asked for no croutons in his Caesar salad. Or the hotel where five or six employees in succession ask you “how was your trip in today?” because they’ve all been told to ask that by a management that hasn’t calculated how grating that sounds after the third identical query.

Assistance like Tonya gave us didn’t cost her company anything, directly.  What this kind of service does cost is proper hiring, proper training, and proper reinforcement. When Tonya was hired (or, the term I prefer, “selected”) to work at Palmetto Bluff, she was selected not for her water-carrying, towel schlepping abilities, but for what is inside her: her natural affinity for people and for service.

Then she was trained, including a two-day onboarding with Palmetto Bluff’s current management company, Montage Resorts, that they call “morés,” which goes far beyond teaching brand standards like “answer the phone within three rings” to encompass how a talented employee like Tonya can make use of her innate empathy: to combine it with her senses, including her peripheral vision, to ensure she is picking up on issues and opportunities that are meaningful to her guests.

Finally, she is celebrated for it, and held up as an example to her co-workers of how things should be done. When I recounted to David Smiley, Director of Guest Services at Palmetto Bluff, the full Tonya saga, he reported back to me later the same day that he had set Tonya’s accomplishment to be the centerpiece of Housekeeping’s “lineup” the next morning: a celebration of Tonya’s work and a teachable moment for her co-workers.


4 Must-Have Keyword Research Tools for Your Business

7-1 Keywords for website smallKeywords are instrumental in helping people find your website. Every time someone searches for a keyword that relates to your brand, you want them to find your site, nestled toward the top of search results. If that’s not the case, you need to invest serious time in researching the right keywords and adding them to your website. These tools make it easy to do.


1. Google Keyword Planner

This tool is part of Google AdWords, but you don’t have to buy ads to use it. Google Keyword Planner lets you search for keyword ideas as well as see how many people are searching for a given keyword.

Go one step further: Once you find a handful of keywords that you think accurately describe your products or services, incorporate them on each page of your website. But only use one or two per page! Using more may trigger Google to push you down search results rather than up, as the search mogul is cracking down on black hat SEO strategies.

2. WordTracker

Google’s Keyword Planner is free to use, but WordTracker is a subscription-based keyword research tool. It also provides relevant and related keywords, and can help you find ones you wouldn’t otherwise have thought of. You get more keywords than with Keyword Planner, and you can access your searches by logging into your account, rather than dealing with clunky spreadsheets of data.

Go one step further: Check out WordTracker Academy for great resources to help sharpen your SEO skills and stay on top of the latest updates. They also offer some great reports and downloads.

3. Twitter Hashtags

Just like with Google Trends, hashtags on Twitter can let you know what people are buzzing about right now.

Go one step further: Check the lefthand sidebar on your Twitter homepage to see the hashtags that are being used heavily at any given moment. Use them in your own social updates, or use the topics as blog fodder.

4. Ubersuggest.org

UberSuggest is one of the best free Keyword suggestion tools with an easy to use graphical component. Übersuggest is one suggestion tool that makes good use of different suggest services. You can get suggestions from regular web searches or from search verticals like shopping, news or video. Ubersuggest can be very useful for quick keyword based post ideas.

Bonus tool: Google Trends

While not a keyword research tool per se, Google Trends shows you what’s hot right now. This is especially useful if you’re looking for blog topics. Ride on the tails of trending searches or news, and you’re more likely to see more readers for that particular post.

Go one step further: Subscribe to Trends to get emailed whenever topics you care about pop up as trending.

Keywords change over time, so make sure you constantly stay on top of the best keywords to promote your small business website.  


Using Case Studies to Grow Your Business

One of the ways to build credibility for your business is to share information about your company’s products and services from satisfied customers. Your ability to get a foot in the door with prospective customers depends in part upon how well you tell your company’s story. If you are a service business, you can’t talk about a tangible product. But what you can do is develop case studies to do that help you illustrate the results you deliver for your existing customers.

case study is in-depth profile of work you've done. This is typically written to highlight the work you’ve done on a high-profile project or client. This summary report can then be used as a one-pager in a marketing kit or on your company’s website. Here are the elements to include on a compelling case study.

Name of Client and Type of Service

Always include the name of the client you plan to profile (with their permission, of course), and select a business that will resonate with your target audience. The goal of writing case studies is to ensure that your ideal customer will hire you after reading the case study.

Also include the type of service you provided. For example, if you provided social media consulting or online marketing, include that as a sub-heading after you list the client’s name in the title. Since this will live on your website, you'll need to ask the company’s permission before publishing.  

Purpose of the Project

This is where you write about the problem the client was facing, and why you were hired to solve it. For example, was the purpose of the project to raise awareness of their company or brand? Was it to build brand awareness, generate sales or increase their online traffic?

Execution Brief

Here is where you illustrate how you solved the problem for the client. Describe in detail all the services you provided, and highlight why you chose certain strategies over others. Do not simply say you increased the number of newsletter subscribers. Be specific and note HOW you increased the subscribers.

Since this section of the case study can be long, don’t be afraid to break up the text into sections with bolded headers, or use bullets and numbers.

Share Results for the Clients

Use real numbers to illustrate the successful work you did. Don’t just say, “We doubled traffic to the website.” Instead list the before and after numbers or percentages and consider displaying those figures in charts and graphs. Using screenshots of Google Analytics information are great additions if that reflects the work you did. This section is a great way to use visuals to display the information.

Client Endorsements

One of the most effective ways to sell your products and services is with customer testimonials. Potential customers are really not that interested in your passion or belief that your work produces amazing results. Let your customers do that bragging for you. Include a few testimonials from the satisfied clients in your case study. Ask the customer to write the testimonial in a way that highlights tangible results and benefits. These words are a great way to close the case study with praise for the work you conducted. 

The addition of case studies to your website will help you tell your business story, highlight the services you provide, and illustrate results at the same time. Try if you can to get testimonials in video as well, to add to your website as well.


To Fix Your Service, Fix Your Systems

Man working with electrial componentsLet’s imagine you own a body shop.  Some of your customers start reporting (in person if you’re lucky; on Yelp if you’re not) an unsatisfactory customer interaction with one of your cashiers.  Your first impulse is to bite the young lady’s head off, but I hope you’ll hold that impulse in check and look at the situation dispassionately.  You may see something like the following:  your cashier’s disorganized, doesn’t have proper change, doesn’t have her computer turned on at the beginning of her shift–in time to serve you, the first customer who walks up to her–and can’t find a pen for you to sign the credit card slip.

What you’ll discover, in other words, is a failure of systems.  Including some or all of the following:

• Onboarding: why wasn’t she prepped on what the necessary supplies are for starting a shift?

• Training: has she been instructed in one of the workplace organization systems, perhaps 5S, which is a component of Lean Manufacturing methodology?

• Scheduling:  Was she told to show up at the minute the body shop opens rather than a more realistic 30 minutes earlier so she could both mentally and physically prepare, get her terminal switched on, get her bank ready to make change, and so forth?

• Hiring. Saying that there was a failure in hiring is sort of like saying it’s the employee’s (cashier’s) fault, but not really.  If she is wrong for this position–too shy, not detail-oriented enough, etc.–it’s not her fault, it’s the fault of the system (or hunch, in far too many companies) that is responsible for selecting her, in error, for this position.

So, when the customer service at your business goes bad, it’s almost certainly because one or more of your customer service systems are broken. (As the founder of the Ritz-Carlton Hotel Company has often said, if something goes wrong once, it might be the fault of the employee.  If it happens twice, it’s definitely the system.) And that’s what’s most important to understand about customer service systems: Gaps in organizational performance are almost always the result of a breakdown or lack of an appropriate Service System.

In my cashier example, it’s clear that a system needs to be developed to ensure that all supplies are stocked before each shift. This could be in the form of a small checklist or a job description that clearly defines the role of each employee. However the organization chooses to deal with the situation is fine – as long as it solves the problem for good. The absolute wrong thing to do is to yell at the cashier for not stocking the items. Not only is this demoralizing for a good employee who is trying her best, but it also doesn’t solve the problem systematically–in other words, in a sustainable manner.

So, how do you discover the systems that are missing or mis-designed? There are systems for that, but it is first and foremost dependent on building a culture where mistakes are embraced as learning opportunities, and guest complaints as opportunities for improvement. Turning every issue that comes up into a witch hunt will make your service team timid to the extent that they’re more focused on covering their, uh, assets than on providing service. You need your employees to tell you when they’ve made a mistake – so that it can be fixed in the future–systematically.


Mondays with Mike: Win Customers With Your Authenticity

6-15 Be Authentic smallEven though I’m not an accountant, I understand just how important effective accounting and accountants are to running my business successfully.  A few years ago, I attended an accounting conference, and I’ll admit it:  I wasn’t very excited about it.  I hire accountants because that’s not where my natural talents lie.

But there I was, armed with a gallon of high-octane coffee, committed to sitting through what I predicted would be a boring presentation.  The featured speaker stepped up to the podium, and I nearly groaned out loud.  He was everything I was afraid he’d be:  boring suit and matching monotone voice, with a heaping helping of a snooze-worthy Powerpoint.  Making numbers interesting ain’t easy, and this guy didn’t even try.

I made it through the presentation without falling asleep and drooling on my neighbor, and I hightailed it out of the seminar, glad to be gone.  You can imagine my dismay when I attended a friend’s barbecue a few weeks later and literally bumped into the accountant speaker.  Since we were face-to-face (and because he recognized me,) I was stuck.  While I was thinking of excuses to escape, he surprised me, though.

He was actually funny.  He was relaxed, dressed casually, and he was really interesting.  It was like it had been his boring clone making the presentations, because this guy was nothing like he’d been the first time we’d met.  We were laughing about a joke he’d told when he said something that simply stunned me.  He said, “Man, I hate having to be all professional at work.  I wish I could make money just by being myself.”

I’m pretty sure I spaced out for a moment as I though about the weight of what he’d just said.  He had no idea that he was more compelling, more appealing, and even seemed more trustworthy when he was being himself.  By putting on a false front in an attempt to appear professional, the accountant was making himself fit a mold that not only wasn’t comfortable for him, but was also unappealing to his clients.

I left that barbecue with two important takeaways.  First of all, that guy is now my accountant – the very best I’ve ever had.  Secondly, I realized just how important it is to be brave enough to be our authentic selves.  In fact, it’s when we give ourselves permission to let our real personalities emerge that we’re most likely to find clients who really connect with us, our values, and our big-picture goals.

Now I’m not advising that folks stop showering or litter their sales pitches with dirty jokes, but what I am advising is that we stop trying to pretend to be someone we’re not.  Let your creativity peek out.  Give your quirky sense of humor a chance to brighten your sales presentations.  Will everyone get your off-the-wall jokes?  Probably not.  But the ones who do are more likely to end up as customers for life.

I’m reminded of the wise Dr. Seuss’ timeless advice:  “Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind.”  Let your authentic self shine through, and you’ll find your best, most loyal customers.


7 Things Small Businesses Do To Lose Online Customers

6-10 online shopping smallRunning a small business isn’t easy. Finding and keeping customers is even more difficult. If you don’t make it really simple to buy from you online, shoppers will go elsewhere for their next purchase. There are specific bad behaviors to avoid with the shopping experience on your website.

Here are seven things small businesses do to lose online customers.

1. You Have Confusing Information on Your Site.

As an entrepreneur, time is often your most precious commodity. If you don’t regularly review what’s on your website, you might be turning away potential customers with misinformation or simply old data.

If your newest blog post, for example, was written over a year ago, that’s a turnoff. If your products don’t have a sales page or enough detail to help shoppers make an informed decision about buying them, they won’t.

Remedy:

Periodically review all your web copy. Update it on an annual basis at minimum, and make sure it’s always accurate.

2.  No Contact Information.

Spam is a definite concern when posting your email address online, but there are alternatives that will make it easy for customers to reach you via email while keeping your inbox spam-free. Instead of burying your email address on a never-visited page, post a phone number and set up a contact form for customers to use to reach you.

Use FAQ page to help answer many of the questions people have before they hit submit on that contact form. Being helpful is always good customer service!

Remedy:

Ensure your contact information is clear and easy to locate. Offer multiple ways for customers to contact you (email, chat, phone, social media).

3.   You Don’t Answer Email in a Timely Manner.

Have you even sent an email trying to get help and no one every got back to you? Sure you have, but don't have that happening in your business. Don't set up an info@xxx.com email account no one checks. Time is money when people are shopping online.

It might have been acceptable for you to respond to a customer’s email within 24-48 hours several years ago, but now every minute counts in your response time. As in: the sooner, the better. Taking even a day could lose you serious business.

Remedy:

If your inbox is overflowing, consider hiring a customer service rep or social media virtual assistant to help field some of those emails.

4.  You Use Social Media Inconsistently.

Social media can be a game changer for small business owners…but only if you use it regularly. If you aren’t making an effort to update your profiles at least once a day, potential customers will not know you exist. A steady stream of fresh content, on the other hand, can pique people’s interest and lead them back to your website, which is your best opportunity to generate a sale. 

Remedy:

Focus on only one social media site to engage prospect customers. Update your social media account daily. Dedicate a few minutes each day to the effort.

5.   You Don’t Engage with Potential Customers with Email.

You need to make sure you have at least three ways to capture a potential customers email address when they come to your site, so even if they don't buy that day you can nurture the relationship. Use email to building your brand to attract future customers, share helpful information to a build a like, know and trust relationship with your prospects.

Remedy:

Use email marketing to engage potential customers by demonstrating your ability to anticipate their needs, and offer help.                                                                                            

6.  You Share Too Many Promotional Updates on Social.

One of the best ways to create a relationship with a potential customer is to provide assistanceOf course, you want to bolster your connection with your audience, but it is critical to provide value first especially in social media. Don't start selling relentlessly as soon as you start using social media, Instead, share informational tidbits in the guise of links, tweets and conversations to build community with potential customers. Make it about them and not about you.

Remedy:

Use the 4:1 ratio. For every four useful, informational updates, post one promotional one.


Three Ways that Viral Fads can Create Successful Businesses

Posted on by Carol Roth

6-8 instant success smallEvery entrepreneur dreams of “going viral”, but sometimes, that virality leads to a fad rather than a bona fide business. Fads can make big money, but if your business is based on a single trend, you need to make some important decisions upfront to make sure it’s a net money-maker, rather than a money-taker.

Take the Money and Run

Within six months of introducing the Pet Rock to the marketplace in 1975, Gary Dahl earned $15 million in profits. Not knowing if his silly idea would be a hit (and way before the Internet), Dahl kept his costs low. The product that he sold for nearly $4 cost less than a dollar. He had very low overhead, introducing the product at a gift show, and selling to major stores, with a little help from free publicity obtained from a Newsweek article and two appearances on The Tonight Show.

Clearly, Dahl never intended to start a long-term business, but his one product made him an instant millionaire.

If you have an idea for a one-hit wonder — and you don’t have to expend a great deal of time and money to get it to market — go for it. As long as you don’t spend your profits on too much overhead (expensive rents or inventory, for example), you might gain enough money that you never have to work again.

Add Value

Many workout programs have come and gone (remember Suzanne Sommers and the ThighMaster?) Well, direct response retailer Beachbody has managed to take some hot properties that could have died like so many before and has given them long lives by adding value. 

Programs like P90X have been supplemented by a number of items, including program line extensions and nutritional supplements to keep the customer engaged with the products (and consumable ones that require continual purchases).  These offerings add value to the original product — and keep their programs popular today.

To remain relevant over the long term, your product needs to morph over time. If it’s a toy or other object, make it bigger or smaller, or introduce must-have accessories.  If it’s a fitness program, think about follow-up videos, nutrition and personalized coaching. And, considering that consumers get bored, do not assume a consumable product is safe. Add more flavors or accompaniments, or create a low-fat or low-calorie variety. Even cream cheese now comes in an abundance of fat levels and flavors.

Expand Your Focus

On July 8th, 2014, Crumbs Bake Shop, which focused solely (and for a time, successfully) on the cupcake trend, announced its apparent demise when they closed their doors. Six days later, they filed for reorganization under Chapter 11 bankruptcy and about a month later, they announced the planned reopening of two dozen stores, under new ownership.

The new owners plan to expand the business beyond its popular cupcakes to a variety of sweets and snacks, instead of relying on a one-item fad like a cupcake.

If you have a one-product business, keep in mind that fads lose popularity over time. Set your focus over the long-term and find ways to expand your product line to keep it fresh and interesting to customers.

A similar strategy is being used by I Want to Draw a Cat for You, which reportedly earned $200,000 in its first year, by, you guessed it- drawing cats for customers. Knowing that this Internet-led sensation would not likely be sustainable in its current form, the company expanded by adding physical products (pins, greeting cards and tee shirts) to its initial offering of customized cat-drawing services.

So, either take the money and run or evolve your core, and you may be able to make your fad worthwhile.


How to Lower Your Work Stress in Five Minutes or Less

Feeling anxious or stressed? Many times I feel both.

This is very common among small business owners. Roger Cohen in the New York Times says “there’s a lot of status anxiety going about these days. People live suspended between the anxiety of being deluged in communication and the agony of receiving none. They have always wanted to be liked, but now they must also be “liked”…They are either on top of things, a momentary illusion, or overwhelmed, a permanent state intermittently denied. They look around wondering how it is possible to keep up. They have access to everything and certainty about nothing. They zigzag between indulgence and denial, frenetic states and cleansing cures, their busy selves and their better selves…They amass to-do lists that cannot get done.”

Diet, exercise and sleep are three of the best ways to battle this permanent state of stress. But what about right now during a very hectic day? Here are seven strategies to lower your stress in five minutes or less.

1. Create “happy” passwords

Pick passwords that make you smile or feel inspired each time you type them. Try including a name of someone you love, a few words from your favorite quote, or a word that sparks a favorite memory. For example, Be@chH0u$e could represent fond family memories at the beach.

2. Let go of those thoughts

Write down on paper the thoughts that keep repeating in your head. Start writing a list, a rant, or whatever is most troubling. You will be surprised how much less stressful things appear on paper than they do in your head.

3. Practice controlled breathing

Sit in your chair with your back straight. Breathe in for a count of four, hold your breath for a count of seven, and exhale for a count of eight. Repeat for five minutes. This technique, “4-7-8 breathing, is a version of meditation that will help you get centered.

4. Play brain games

Brain games are easy mental activities that help channel thinking away from stressful thoughts. Brain games include counting backwards by three starting at 100, reciting the lyrics of an entire song without the music or creating a sentence where every word must begin with the same letter.

5. Grab some food

6-5 stressed and anxious smallFoods affect our emotional and mental well-being. Foods high in omega-3s, magnesium, zinc, and vitamins B, A, K can help beat stress. They include eggs, dark, leafy greens like kale, pumpkin seeds, salmon or canned tuna, flaxseed, and dark chocolate. If you’re not hungry, grab a green apple to alleviate a headache!

6. Give yourself an ear massage

An ear massage releases calming endorphins in the brain. Start by using your thumbs to massage the ears from lobes to temples, then follow these four steps to ease the tension of a stressful moment.

7. Smile!

Even when you don’t feel like it, smile. It’s difficult to have stressful thoughts when you are smiling. A facial smile will make you search for happier thoughts. Sit at your desk with your eyes closed and smile for two to three minutes, or walk around and smile at others. You can’t help but feel better.

Which strategy will you use to lower your stress at work? 


Lifetime Network Value: Even More Important Than Lifetime Customer Value

Roundabout traffic signTaking the time to calculate the lifetime value of a single customer can be a powerful motivator to treat your customers right: Once a company realizes how enormous the value of a single customer can be over her lifetime, it provides a great encouragement to stop nickel and diming your customers, to stop arguing over responsibility for a FedEx upgrade, and so forth.

But there has been understandable concern among businesses about brand fickleness in today’s–and tomorrow’s– generations of customers.  The ability of customers to switch providers at the click of a mouse, as well as the surfeit of acceptable providers in many consumer and B2B categories, is troubling and has created a competitive landscape in which our existing lifetime customer value calculations may no longer valid.

However, this required recalculation isn’t exactly bad news. The occasional straying of customers today due to the ease of switching masks a more important positive change in today’s landscape: the extent to which social media and Internet reviews have amplified the reach of every customer’s word-of-mouth.

Never before have customers enjoyed such powerful platforms to share and broadcast their opinions of products and services. This is true today of every generation—millennials, Gen X’ers, Boomers, and even some Silent Generation customers share on Facebook and post reviews on TripAdvisor and Amazon. (Millennials, thanks to their lifetime of technology use and their growing buying power, are likely to make especially active spokes-customers. Boston Consulting Group, with grand understatement, says that “the vast majority” of millennials report socially sharing and promoting their brand preferences.)

Customers today are talking about your business when they’re considering making a purchase, awaiting assistance, trying something on, paying for it and when they get home. If, for example, you own a restaurant, the value of a single guest today goes further than the amount of the check.

The added value comes from a process that the great Patrick O’Connell, chef and proprietor of the double five-diamond Inn At Little Washington, calls competitive dining: “comparing and rating dishes, photographing everything they eat, and tweeting and emailing the details of all their dining adventures.”

By doing so, they’ve greatly increased what I call their Lifetime Customer Network Value. And this makes them at least as valued as any customers in the past–even if they have wandering eyes and wallets to an extent not expected of previous generations of customers.

*****

It’s easy to underestimate the commercial power that today’s customers have, particularly when the network value of the youngest of these customers doesn’t immediately translate into sales. Be careful not to sell their potential short and let that assumption drive you headlong into a self-fulfilling prophecy.

Remember that younger customers are experimenting right now as they begin to form preferences they may keep for a lifetime. A little love lavished on these customers now will likely be repaid in spades in the future.




 
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